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JSW Steel update on resolution plan of Vardhman Industries Ltd

Steel News - Published on Mon, 06 May 2019

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The company has announced in relation to the Resolution Plan submitted by JSW Steel Limited for Vardhman Industries Limited as approved by the Hon'ble NCLT, by its orders dated December 19, 2018 and April 16, 2019 under S. 31 of the Insolvency and Bankruptcy Code, 2016. As intimated earlier, the Company had appealed against the NCLT Orders. The Hon'ble National Company Law Appellate Tribunal has, by its order dated April 30, 2019, received by the Company yesterday, suggested that the Resolution Plan as approved by the Committee of Creditors may be implemented subject to final orders to be passed by the Hon'ble NCLAT in the Appeal.

However, since the implementation of the Resolution Plan would in effect be on an interim basis and could create wide ranging uncertainties around rights and liabilities of various stakeholders dealing with VIL, the Company is evaluating its options which include approaching the Hon'ble Supreme Court to seek a direction to defer the implementation till the resolution plan, as approved by CoC, is unconditionally approved.

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Posted By : Mohan Sharma on Mon, 06 May 2019
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